annuity

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annuity:

see insuranceinsurance
or assurance,
device for indemnifying or guaranteeing an individual against loss. Reimbursement is made from a fund to which many individuals exposed to the same risk have contributed certain specified amounts, called premiums.
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References in periodicals archive ?
On the other hand, we have the proposed removal of the age limit for annuitising pension funds, which, in the format envisaged, will benefit a minority."